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What life insurance amount is recommended by experts?

The Recommended Life Insurance Amount

When looking for life insurance quotes, experts recommend you take out a life insurance policy equal or greater to 7 times your annual gross income. For instance, if you make $65,000 a year (before taxes), then you should consider taking out a life insurance policy of at least $455,000 for your family. This should give them enough money to pay off any outstanding debts and have enough left over to make up for your lost income for awhile.

Comments

5/16/2008 11:07:06 AM
SK said:

Ummm... shouldn't it be 7 times my annual gross expenditure? What if my income is 50k, but I pay 10k in taxes and save 10k?

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